Why Some Fund Managers Prefer Dividends Over Share Buybacks

Now that the full extent of the market rout in 2022 is coming into view, some investors are reassessing their strategies and, in some cases, starting to consider dividend stocks and dividend-focused funds.

Record dividend payments in 2022

It’s no secret that 2022 was a bleak year for stock returns. However, companies in the S&P 500 paid out a record $565 billion in dividends throughout the year. Data from S&P Dow Jones Indices reveals that dividend payouts from the index grew an impressive 10% year over year.

In a press release in January, analyst Howard Silverblatt of S&P Dow Jones Indices said 2023 should bring another record year for dividend payouts—even in the event of a “full recession.” He expects rising interest rates and bond yields to “exert upward pressure on dividend payouts,” adding that competition for income will increase.

Of course, dividends aren’t the only way company managements incentivize shareholders to own their shares. Buybacks are another popular strategy, although some fund managers prefer dividends over buybacks for several reasons. In fact, investors who are considering buying into a company because of share buybacks should watch for a red flag.

Former PIMCO portfolio manager Austin Graff of Opal Capital, which just launched in 2022, warned that while many tech companies are buying back shares, they’re not reducing their share counts because they’re handing out stock-based compensation to executives and key employees — and issuing new shares to do it. In some cases, these companies are increasing their share counts even though they’re repurchasing shares.

A moral contract

Graff also prefers dividends because they act as a “moral contract” with management.

“For management to return capital to shareholders, it’s very public,” he added. “What companies are paying every quarter or year, they’re creating a moral contract to keep that up, or their stock faces negative ramifications. But they do buybacks when they want to, and there are negative consequences to buying back stocks at highs, not lows. It’s the opposite of what we would want to do with our own money.”

Warren Buffett and other high-profile investors speak very highly of dividend stocks. He added that if management teams did repurchase their shares at lows rather than highs, it would be great, but that’s not something most companies end up doing.

While dividends are anti-dilutive, many tech companies are in unique situations with heavy stock-based compensation. As a result, their stocks have declined as such companies lay off significant numbers of workers.

“Think of what that means,” Graff explained. “If they pay X dollars, and their stock’s at $100, they issue fewer stocks to that employee than if they’re paying X dollars and the stock is at $50. If the stock goes down, it creates more dilution for stock-based compensation than what was experienced at higher stock prices.”

How Warren Buffett rakes in billions on dividend stocks

Warren Buffett also likes dividend stocks, and it’s easy to see why. In fact, dividend stocks are one of the reasons the legendary value investor outperformed in 2022. Buffett’s Berkshire Hathaway is expected to generate over $6 billion in dividend income in the next 12 months.

Nearly half of Berkshire’s dividend income is estimated to come from only three stocks: Chevron CVX , Occidental Petroleum OXY and Bank of America BAC . Other top dividend payers for Berkshire include Apple AAPL and Coca-Cola KO .

Aside from Graff and Buffett, others started to see the value in dividend stocks in 2022. According to Morningstar MORN , investor interest in dividend-focused funds has jumped after the robust performance put up by dividend-paying names last year. Monthly net sales of the 128 U.S. equity funds with “dividend” in their names have jumped since the fall of 2021, while sales of those without “dividend” in their name have dropped.

Morningstar reported that dividend funds averaged a loss of 6.68% in 2022, versus the Vanguard Total Stock Market Index’s 19.6% plunge, which was similar to the average loss of other U.S. equity funds that don’t focus on dividends. One reason dividend funds performed better in 2022 is the lack of technology exposure.

Another reason is valuation. Last year, investors started to refocus their attention on valuations and multiples. Morningstar revealed that the price multiples of the companies that dividend funds tend to own are below the stock index average.

Protecting their dividends

At the end of the day, fund managers aren’t the only ones with a preference for dividends over buybacks. When the going gets tough, corporate managements have demonstrated a preference for protecting their dividend payments at all costs, meanwhile sacrificing their share repurchases to ensure their ability to keep paying their dividend.

S&P Dow Jones Indices reported that buybacks reached a new record in the first quarter of 2022 at $281 billion but declined in the second quarter to $220 billion and in the third to $211 billion.

While share buybacks ticked higher in the fourth quarter, Silverblatt said it may have been because companies accelerated their purchases to avoid the new 1% buyback tax that went into effect this year. In fact, that new 1% tax is one reason some fund managers prefer dividends over buybacks.

On one hand, a 1% tax isn’t much, but on the other, once a tax is in place, it creates the possibility of increasing that tax over time.

I am the founder and CEO of ValueWalk. What started as a hobby ten years ago, has turned into a well known financial media empire with millions of monthly

Source: Why Some Fund Managers Prefer Dividends Over Share Buybacks

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How Mastercard, Goldman Sachs And Other TradFi Titans Are Using Blockchain To Rewire Global Finance

Mastercard chief executive Michael Miebach wants to use blockchain tech selectively for things like... [+] Jamel Toppin for Forbes

“There will always be new payment technology,” says Michael Miebach, chief executive of Mastercard, the world’s second-largest credit card company. “First there were cards using ISO 8583 [ISO numbers refer to international standards] messaging technology, which is 50 years old, then real-time payments became real with ISO 20022. And then came blockchain, and we said okay, what would that solve? There’s a whole set of real-life problems out there that blockchain can solve.”

In late January, the 55-year-old Miebach told analysts and shareholders that his company had surpassed 2 billion “tokenized” transactions per month, up 38% in a year, and that Mastercard was enabling digital payments in 110 countries. The big benefit? Less fraud.

Today, tokenization at Mastercard means replacing the 16-digit number on your plastic credit card with a supersecure unique digital record for every transaction, without ever leaving behind your identity in the form of a credit card number. It’s not yet on a blockchain, but Mastercard is currently working with banks and merchants to tokenize a variety of assets, including deposits, which will be tracked on multiple public and private blockchains.

“You can tokenize anything,” Miebach says. “I think we’re going to have a world where everything will be tokenized and will be passed around in a safe fashion.”

Mastercard is one of 22 financial companies that made Forbes’ 2023 Blockchain 50 list of billion-dollar companies putting distributed-ledger technology to real use. Mastercard is also a prototypical corporate middleman. It raked in $22 billion in revenue and $10 billion in profit last year from the fees it charges merchants to, essentially, help customers spend their own money. In other words, Mastercard is exactly the type of company that crypto zealots love to hate.

But it is trusted by millions of merchants worldwide. And in the wake of Web3’s never-ending barrage of scandals, scams and swindles, trust is exactly what the sector needs. Smelling opportunity, blue chip financial giants, including BlackRock, JPMorgan and Fidelity, have become some of the biggest champions of the new technology.

You May Like To Read: FEXBIT Investment Platform

BLOCK BOMBS

It’s been a tough year for crypto—and blockchain has not been spared. Here are some big company blockchain projects that have been shelved.

A.P. Moller-Maersk

TradeLens, the blockchain platform Maersk co-developed with IBM, was launched in 2018 to cut time and paperwork out of tracking containers as they move through global seaports. But achieving the necessary level of cooperation between competitors and countries proved impossible, so Maersk will shutter it this quarter.

Australian Securities Exchange (ASX)

After five years of trying to build a blockchain replacement for its aged settlement system, Australia’s primary stock exchange pulled the plug in November after Accenture found significant design flaws. ASX took a $170 million loss on the project.

Honeywell

The industrial conglomerate was using blockchain to digitize aircraft records and even had a marketplace for used aviation parts called GoDirect Trade. Development was halted as of November and staff working on the project have since left the company.

Silvergate Bank

The crypto-focused bank experienced a run related to the FTX blowout. Over the course of 2022, deposits shrank from $14.7 billion to $3.8 billion. Silvergate fired 40% of its staff and lost nearly a billion dollars. It also wrote down its purchase of Meta’s failed Diem cryptocurrency project.

“What do you need for blockchain to scale?” asks Miebach, whose company launched 35 new crypto-friendly debit and credit cards last year. “It scaled for traditional payments because people trust experience, they trust data privacy and they trust they won’t be taken for a ride.”

Other “TradFi” CEOs are right alongside Miebach, beating the crypto drum. In December David Solomon, the CEO of Goldman Sachs, penned an opinion piece in the Wall Street Journal headlined “Blockchain Is Much More Than Crypto,” in which the boss of Wall Street’s most iconic firm cautioned against dismissing the technology in the wake of the Sam Bankman-Fried/FTX fiasco. The crux of his argument? “Under the guidance of a regulated financial institution like ours blockchain innovations can flourish.”

“There’s a whole set of real-life problems out there that blockchain can solve.”

Big banks like Goldman have largely avoided directly investing in cryptocurrencies but have quietly been working with their underlying technology. “We see huge commercial opportunities,” says Mathew McDermott, head of digital assets at Goldman Sachs. In November, his 70-person team underwrote a €100 million bond offering for the European Investment Bank in conjunction with Santander and Société Générale. The process took just 60 seconds. Typically, a bond sale like this takes about five days.

“[There are] people who would like to continue to trade the crypto market, and we’re keen to [help] through derivatives or options,” McDermott adds. One strong piece of evidence pointing to the value of trust: In 2022, big unregulated crypto exchanges like Binance, Huobi and OKX saw volume fall by more than 25% through September, while CME, Chicago’s highly regulated futures trading exchange, saw increases of 62% in bitcoin futures and 80% in ethereum futures over the same period.

Likewise, Fidelity is seizing upon the crisis in crypto confidence by flooding Instagram feeds with advertisements for its soon-to-launch Fidelity Crypto. “Get on the early-access list to trade bitcoin and ethereum,” reads one promotion. “Start with the names you know, invest with a name you can trust.”

The nation’s oldest bank, 238-year-old BNY Mellon, already offers digital asset custody for U.S. asset managers and provides back-office services to 19 Canadian crypto ETFs and mutual funds. Like David Solomon at Goldman, Mellon’s chief executive, Robin Vince, took to the newspapers to announce the seriousness of his bank’s crypto plans, writing a December article in the Financial Times entitled “Time for a Reset of the Crypto Opportunity.”

JPMorgan’s 66-year-old CEO, Jamie Dimon, called cryptocurrencies “decentralized Ponzi schemes” last fall, but his bankers have been hard at work using blockchain tech to execute $550 billion in repurchase agreements since 2020.

“There will always be new payment technology.”

“The next generation for markets, the next generation for securities, will be tokenization,” insisted Larry Fink, chief executive of BlackRock—the world’s largest asset manager, with $8.6 trillion under management—at a DealBook conference in November. For now, BlackRock is mostly acting as a service provider for a select few so-called “crypto-native” companies. It has partnered with Coinbase to offer BlackRock’s thousands of institutional investor and wealth management customers access to bitcoin and other cryptocurrencies through its Aladdin portfolio management software. It also holds $34 billion in Treasury bills as reserves for Circle’s U.S. dollar–backed stablecoin, USDC.

While established financial institutions are shrewdly stepping forward to supplant crypto startups, there are worries among crypto industry purists over the future of blockchain technology. One schism: Web3 evangelists love open-source, decentralized “public” blockchains. Big enterprises (and totalitarian governments) prefer “private” blockchains precisely because they offer more control.

That remains true even after some big private blockchain projects failed spectacularly. In 2020, former Blockchain 50 member Honeywell began using private blockchain Hyperledger Fabric for buying and selling used aerospace parts. Development was halted as of November 2022. Maersk and IBM scrapped their TradeLens global shipping supply chain blockchain in November after hiring 19 staffers and spending more than four years on the project.

Public blockchains can offer advantages in terms of speed and cost. Private equity pioneer KKR, whose funds manage $496 billion worth of assets, recently opened its $4 billion Health Care Strategic Growth Fund to distribution via Avalanche, a fast public blockchain that boasts 4,500 transactions per second (Ethereum can still handle only 15). Other Avalanche users include CME Group, payments company FIS and Mastercard.

“I think we’re going to have a world where everything will be tokenized and will be passed around in a safe fashion.”

In China, cryptocurrencies and crypto mining are illegal, but blockchain is an important part of President Xi Jinping’s Vision 2035 national development strategy. None of China’s sanctioned blockchains are public. China’s blockchain technology base, including its Blockchain-based Service Network (BSN), which has been described as a digital Silk Road connecting (and monitoring) multiple blockchains, is far outpacing development in the United States.

Two years ago, Blockchain 50 member China Construction Bank built a platform that cuts out Swift, the most widely used interbank system for transferring funds. It recently launched a giant distributed ledger for credit reports that lets bank subsidiaries share information while complying with government privacy regulations.

It has already used its blockchain to give $4.2 billion in credit to 2 million customers and hopes to reach 700 million people by mid-2025. In addition to China Construction Bank, five Chinese companies, including Tencent, WeBank and Alibaba’s Ant Group, feature on this year’s Blockchain 50.

Mastercard’s Miebach thinks crypto’s latest woes might actually speed up adoption of the new technology. “You are going to get more mainstream players in and the regulators are going to show up to address the risks,” he says. “That’s a recipe for this to become a mainstream technology. I think [crypto’s] recent winter storm is going to help.

I report on all things crypto and oversee the Forbes Crypto Confidential newsletter and the annual Forbes Blockchain 50 list which features billion-dollar leaders in distributed ledger

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community.

Source: How Mastercard, Goldman Sachs And Other “TradFi” Titans Are Using Blockchain To Rewire Global Finance

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After FTX, Which Crypto Company Could Be Next To Topple?

(Photo by Jakub Porzycki/NurPhoto via Getty Images)...NurPhoto via Getty Images

The FTX fiasco took bitcoin a big chunk of the way towards my target of $13,000. So was that the bottom or is there more to come? More to come.

Remember my red flags:

  1. Billionaires from nowhere.
  2. Heavy PR of the “messiah type.”
  3. Deals that look like cash grabs.
  4. Flashy behavior in general.
  5. Asshat behavior in particular.
  6. Opaque capital generation.
  7. No good reason for success or its scale.
  8. Wash trading, market manipulation circumstantial evidence.
  9. Centralization.
  10. Philanthropy (sorry to say it but it’s often the hallmark of fraudsters trying to buy legitimacy).

Does that sound like anyone in the market right now? Someone that hasn’t gone bust yet?

Timing is of course everything in a bubble bust. It can be a matter of hours between going bust and living to become tomorrow’s giant company. Back in the day it was said Fox only survived because of the arrival of the check for the hit movie Home Alone and if it hadn’t shown up on that day it was curtains for Murdoch’s whole outfit.

Murdoch’s old rival, meanwhile, met his end in the ocean having come adrift from the back of his yacht. So FTX could be the end of this crash but from reports all the big centralized players are joined at the hip in a web of interconnected businesses. None of this is anything but shady and caused by the fact that the high profile outfits took ridiculously huge risks from the start to get where they are.

They are not the sort of people to get out before a bubble turns into the bust, they’ve hung tough before and it paid big. It is Digital Currency Group that is the biggest cloud on the horizon, but the next domino could be any one of a couple of dozen companies. DCG owns Genesis, which is basically toast. DCG owes Genesis a huge pile of cash. DCG owns Greyscale, which probably owns 600,000 bitcoin BTC -2.6%.

If that intermeshed pile of assets and liabilities comes unglued it would seem likely that a mountain of bitcoin could get dumped into the market. This is my “most troublesome” meltdown scenario… it’s not fate, but it is possible. Without that there is enough to take bitcoin to $10,000 anyway.

The thing to recall is the whole point of crypto is decentralization but the robbers can’t conquer the market for themselves without centralizing it, so the human crab sidles about centralizing crypto in an attempt to steal big lumps for itself to scuttle off with.

Centralization is what humans do and when you think progress is mainly getting humans out of the productive process, where they are either too costly, too slow, too stupid or too awkward, you can see the overwhelming tension between general progress and groups grabbing resources for themselves and their kin, by getting between progress and the rest of us.

However, the process of centralization is implosive, because the centralizers wreck the very thing they want to purloin. Haters gonna hate, predators gonna predate. This is why CeFi is imploding, because greedy sociopathic predators have no limit and end up killing the golden goose. These bubble market heroes aren’t smart, they are just unbounded, so they are genius on the way up but idiots on the way down. And here we are—but we ain’t there yet. But we will be—and then it will be time to buy.

I am the founder and former CEO of stocks and investment website ADVFN and General Partner of Ylem Capital (clem@ylem.capital). I am a prolific financial writer;

Source: After FTX, Which Crypto Company Could Be Next To Topple?

.

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How Startups Find Seed Investors

Illustration: Getty Images

Let’s talk about finding the first true-believer who will put money into your startup. There’s a killer Catch-22 about raising money in that you can’t get that first investor until you land that first investor. Having gone through the fundraising process over and over again, I can assure you it’s absolutely as convoluted as it sounds.

And having been an angel investor myself at one point (but no longer), I can also confirm that investing in startups — whether it’s private, angel, or venture capital — is rooted in herd mentality. No one wants to be first, then everyone wants to be next.

This is because the path to providing outsize returns on a startup investment is a unique path for each startup. There is no guaranteed 12-step program for turning early startup capital into a unicorn valuation. Thus, there is no tried-and-true method for finding early investors and securing that early capital.

But there are quite a few guidelines you should absolutely be following to increase your chances.

First, Ignore the Inbound Noise and Scams

Recently, I wrote a post about all the BS artists that will come out of the woodwork under the guise of funding your startup.

I can’t tell you how many experienced founders and generally smart people latch on to one of these types of fake funding programs. I don’t blame the founders. The smokescreens can be velvet and the lure can be crazy tempting, especially when there are no other options.

Gut Check: If you didn’t ask for the money, don’t take the money. You won’t see all the strings attached until those strings are wrapped around your wallet. Don’t derail the future before it begins.

Obviously, Be Great at What You Do

I know. Duh. But for the reasons I just laid out in the last section, I need to establish what “investable” means for readers who are not you.

Gut Check: To get that first investment, you not only need to have a great, game-changing idea, you also need proof of your potential to execute that idea to its fullest. If you can’t show you are indeed the best person to pull off what you want to pull off, you first need to make enough progress to be able to show that promise.

Talk About What You Do — a Lot

There’s no way to get that first term sheet from that investor friend of an acquaintance of a colleague of your friend without first starting that chain of events in motion. And while it’s certainly a romantic notion to found a stealth startup in a dorm room, garage, or Starbucks, stealth startups are for serial founders who don’t want to be hassled by their investor friends while they work on building something investable.

Gut Check: You need to be able to talk incessantly and intelligently about the business. If you’re not living and breathing your business, you’re not yet personally invested enough to seek outside investment. If you can’t talk about your startup without the fear of someone stealing your secret sauce, your sauce is not yet secret enough to be seeking outside investment.

Don’t Waste Time

When you do get in front of people, you need to speak with the intent of offering an investment. That means that you’re not picking anyone’s brain, you’re not looking for feedback, you’re not even asking for money. Yes, you’re doing all those things, but what you’re really doing is offering an investment in your company.

Gut Check: Put the investment opportunity up front in your pitch, your deck, and your general conversation. Too many first-time entrepreneurs waste time painting the picture before getting to the purpose. You’re going to wind up talking to a lot of people who can’t stroke a check. You need to make it immediately clear that your intention is to get to the person who can.

Come Prepared With a Plan

Once you reach the right person, you need to tell the right story. I often use this phrase I borrowed from The Dark Knight. Most first-time entrepreneurs chase their first investment like a dog chasing a car. They wouldn’t know what to do with it when they caught it.

Gut Check: Be able to show exactly how and when you will spend every penny of raised capital, and also the return you expect for every spend. That return should be quantifiable as a measurement of growth, whether in dollars, market share, or some other tangible metric.

Bonus: Have an Attorney and an Accountant

Even the kindest investor is going to want terms that maximize their investment at your expense. Make sure that you’re not alone in those negotiations. Begin a relationship with both an attorney and an accountant, preferably before you even start your investor search.

By Joe Procopio, Founder, TeachingStartup.com@jproco

Source: How Startups Find Seed Investors | Inc.com

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Hong Kong To Start Allowing Retail Crypto Trading in March Next Year

Hong Kong is relaxing its crypto regulation to allow retail investors to trade digital assets directly. A licensing regime for crypto platforms that allows retail crypto trading is reportedly set to be enforced in March next year.

Hong Kong is reportedly relaxing its strict cryptocurrency regulation with a plan to allow retail crypto trading, Bloomberg reported Thursday, citing people familiar with the matter.

A mandatory licensing regime for cryptocurrency platforms that allows retail crypto trading is set to be enforced in March next year, the publication conveyed, elaborating:

Hong Kong plans to legalize retail trading for crypto starting in March after years of skepticism — a stark contrast to mainland China’s ban.

Moreover, regulators are seeking to allow retail exchanges to list large cryptocurrencies, like bitcoin (BTC) and ether (ETH), the news outlet added. The listing rules are likely to include criteria such as the token’s market value, liquidity, and inclusion in third-party crypto indexes.

Gary Tiu, executive director at crypto firm BC Technology Group, commented:

Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do. They can’t forever effectively close the needs of retail investors.

Michel Lee, executive president of digital asset financial services group Hashkey, explained that Hong Kong has been trying to create an all-encompassing crypto regime, citing tokenized stocks and bonds as a potentially more important segment in the future. “Just trading digital assets on its own is not the goal. The goal is really to grow the ecosystem,” he was quoted as saying.

Hong Kong’s top financial regulator, the Securities and Futures Commission (SFC), introduced a voluntary licensing regime in 2018. It restricted crypto trading platforms to clients with portfolios of at least HK$8 million ($1 million). However, the tough regulation turned away many crypto businesses and only two firms — BC Technology Group and Hashkey — were approved.

Many people are skeptical of the new crypto regulation, however. Bitcoin Association of Hong Kong co-founder Leonhard Weese shared:

The kind of conversations I’ve had was that people still fear there’ll be a very strict licensing regime. Even if they’re able to deal directly with retail users, they’re still not going to be as attractive or as competitive as overseas platforms.

The SFC’s director of licensing and head of the fintech unit, Elizabeth Wong, said last week: “We’ve had four years of experience in regulating this industry … We think that this may be actually a good time to really think carefully about whether we will continue with this professional investor-only requirement.” She noted that Hong Kong could also authorize exchange-traded funds (ETFs) to offer exposure to mainstream crypto assets.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Source: Hong Kong to Start Allowing Retail Crypto Trading in March Next Year: Report – Regulation Bitcoin News

.

Related contents:

Hungarian businesses urged to tap vast business potential in Hong Kong (with photo) The Government of Hong Kong Special Administrative Region (Press Release)

Hong Kong Business Aviation Centre Launches Site Expansion Aviation International News

20:15 Tue, 25 Oct
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06:26 Mon, 17 Oct
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Steven Alvey’s   https://jvz2.com/c/202927/351754
Stoodaio   https://jvz1.com/c/202927/372094
Storymate    https://jvz3.com/c/202927/320972
StreamPilot   https://jvz2.com/c/202927/385431/
Studioninja   https://jvz1.com/c/202927/374965
Sunday Freebie  https://jvz1.com/c/202927/267113/
Super backdrop   https://jvz8.com/c/202927/376524
Survai    https://jvz8.com/c/202927/380933/
Syndranker    https://jvz3.com/c/202927/378143/
Talkingfaces   https://jvz3.com/c/202927/375550
The Internet Marketing   https://jvz2.com/c/202927/289944
Tonai Voice Content   https://jvz8.com/c/202927/383119/
Toon Video Maker    https://jvz2.com/c/202927/357201
TrafficForU   https://jvz3.com/c/202927/381950/
Trendio  https://jvz3.com/c/202927/381003/
TubePal   https://jvz6.com/c/202927/379863/
Tubeserp   https://jvz3.com/c/202927/370472
TubeTargeter  https://jvz6.com/c/202927/377211
TuneMingo    https://jvz3.com/c/202927/386556/
TV Boss Fire  https://jvz6.com/c/202927/379480/
Ultrafunnels A.I   https://jvz2.com/c/202927/381129/
VIADZ Ad Template  https://jvz4.com/c/202927/379307/
Vidcentric   https://jvz4.com/c/202927/376095
Viddeyo    https://jvz6.com/c/202927/382326/
Videevolve   https://jvz4.com/c/202927/381011/
Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games   https://jvz3.com/c/202927/184902/
VideoEnginePro     https://jvz2.com/c/202927/372916
VideoGameSuite    https://jvz3.com/c/202927/366537/
VideoRobot Enterprise   https://jvz8.com/c/202927/291061
VidKreate   https://jvz6.com/c/202927/386029/
VidMingo   https://jvz6.com/c/202927/378359/
VidRaffle   https://jvz2.com/c/202927/386840/
VidSnatcher    https://jvz3.com/c/202927/342585
VidVoicer    https://jvz1.com/c/202927/379983/
Vidzura   https://jvz4.com/c/202927/385754/
Viral dash   https://jvz6.com/c/202927/375959
Viral Quotes      https://jvz2.com/c/202927/386984/
VirtualReel   https://jvz8.com/c/202927/376849
Vocalic  https://jvz2.com/c/202927/383848/
VoiceBuddy    https://jvz1.com/c/202927/342854
WebCop  https://jvz4.com/c/202927/378683/
Webinarkit   https://jvz3.com/c/202927/383937/
Webprimo   https://jvz1.com/c/202927/379455/
WordPress Mastery   https://jvz1.com/c/202927/386249/
WowBackgraounds   https://jvz2.com/c/202927/381556/
WP GDPR    https://jvz8.com/c/202927/299907
WP Simulator    https://jvz3.com/c/202927/46987/
Writer Arc   https://jvz1.com/c/202927/386602/
writing job   https://jvz8.com/c/202927/213027
XBrain Forex   https://jvz3.com/c/202927/372305/
XFUNNELS   https://jvz2.com/c/202927/310335
Xinemax  https://jvz1.com/c/202927/381749/
YoDrive   https://jvz2.com/c/202927/384700/
YoSeller   https://jvz4.com/c/202927/387544/
Your 3DPal   https://jvz2.com/c/202927/381685/
YTSuite   https://jvzoo.com/c/202927/381179
Zappable   https://jvz3.com/c/202927/367328/
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